There are only a few ways to gain market share, which is always a good strategy, in a slow
growth or flat market.
1. New
product development or product line extension. Think apple computers; new
product category (I pod); product line extension, Mac Book Air (the new thin one!)
2. Great
customer service to differentiate your product from others in your category. Think Southwest airlines.
3. Price
reductions; in the short term because long term, you become Montgomery Wards.
Think Lexus when they introduced their flagship vehicle UNDER their cost to
steal share from Mercedes.
Of these
strategies, the one that you can control the most is #2, customer service.
But let’s break it
down a little more. Lets call it “touch point” strategy. A touch point is any place in
your business where the customer has a memorable experience; an experience that you have diligently created.
Some people make
the memorable experience at the front desk/customer area. Others make a memorable experience in the
restaurant. Others make a great experience
in the entry way. And still others focus on the bathrooms.
In the entry way,
have you put a “welcome to our fun place” sign or a voice activation system that’s
says hello every time someone comes in?
At the front
counter, is your staff dressed in bright fun costumes or are they still wearing
a ‘ hasn't-been-cleaned-recently- golf shirt with your logo?
Is your restaurant
a fun place where kids can get crayons, adults can get engaging waiters and
waitresses and where the food is presented in an eye catching and mouth
watering way? Do you have a mascot
greeting the customers and kids?
Is the bathroom a
different experience? Check out what the Las Vegas Hilton did. Ina city known for “over the top experiences” the Las Vegas Hilton actually has people
coming to their casino to see the bathrooms. More importantly, it is driving sales in a very flat market.
Kind of gives new
meaning to a “ touch point strategy.”
